Ladies and gentlemen, thank you for standing by. Good day, and welcome to the Northern Trust Corporation First Quarter 2018 Earnings Conference Call. Today's call is being recorded. At this time, I would like to turn the call over the Director of Investor Relations, Mark Bette, for opening remarks and introductions. Please go ahead, sir.
Thank you, Paula. Good morning everyone, and welcome to Northern Trust Corporation's first quarter 2018 earnings conference call. Joining me on our call this morning are Biff Bowman, our Chief Financial officer; Aileen Blake, our Controller; and Kelly Lernihan from our Investor Relations team.
For those of you who did not receive our first quarter earnings release and financial trends report via email this morning, they are both available on our Web site at northerntrust.com. Also, on our Web site, you will find our quarterly earnings review presentation, which we'll use to guide today's conference call. This April 17th call is being webcast live on northerntrust.com. The only authorized rebroadcast of this call is the replay that will be available on our Web site through May 15.
Northern Trust disclaims any continuing accuracy of the information provided in this call after today. Now, for our Safe Harbor statement, what we say during today's conference call may include forward-looking statements, which are Northern Trust's current estimates and expectations of future events or future results. Actual results, of course, could differ materially from those expressed or implied by these statements because the realization of those results is subject to many risks and uncertainties that are difficult to predict. I urge you to read our 2017 Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission for detailed information about factors that could affect actual results.
During today's question-and-answer session, please limit your initial query to one question and one related follow-up. This will allow us to move through the queue and enable as many people as possible the opportunity to ask questions as time permits.
Thank you again for joining us today. Let me turn the call over to Biff Bowman.
Good morning everyone. Let me join Mark in welcoming you to our first quarter 2018 earnings conference call. Starting on page two of our quarterly earnings review presentation, this morning we reported first quarter net income of $381.6 million. Earnings per share were $1.58, and our return on common equity was 16%. As noted on the second page of our earnings release, this quarter's results included a net $6.8 million tax benefit associated with the true up relating to the Tax Cuts and Job Act, and a change in accounting method for software development-related expense deductions and $8.6 million charge associated with severance-related and restructuring charges.
The quarter also included $23.9 million in fee revenue and $23.7 million in expense related to our acquisition of UBS Asset Management's fund administration units in Luxembourg and Switzerland, which closed at the beginning of the fourth quarter of 2017, included in the $23.7 million in
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